The operators of the 99 Cents Only stores announced Thursday they will shut down all 371 of the locations throughout four states, with liquidation sales starting Friday.
'This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,' interim company CEO Mike Simoncic said in a statement.
'The move will impact all company locations in California, Arizona, Nevada and Texas. The operators are based in Commerce. According to the company, it has partnered with Hilco Real Estate to facilitate the liquidation of all merchandise, along with 'certain fixtures, furnishings and equipment at the company's stores.'Company officials said they conferred with financial and legal advisers in hopes of finding a way to continue operating.
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